Commerce Bank Takes $31.96 Million Position in Elevance Health, Inc. $ELV

Key Points

• Commerce Bank purchased 82,632 shares of Elevance Health during the second quarter, establishing a position valued at approximately $31.96 million. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, exceeding analysts’ $6.21 estimate, while revenue reached $49.83 billion. The company also announced a quarterly dividend of $1.72 per share, equivalent to a 1.7% annual yield.
• Analyst sentiment remains favorable, with 15 Buy ratings and eight Holds, producing a consensus “Moderate Buy” rating and an average price target of $440.90.

Commerce Bank purchased a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 82,632 shares of the company's stock, valued at approximately $31,956,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. WealthCollab LLC grew its position in Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock valued at $27,000 after acquiring an additional 27 shares during the last quarter. Kilter Group LLC bought a new stake in shares of Elevance Health during the second quarter worth $28,000. Kemnay Advisory Services Inc. bought a new stake in shares of Elevance Health during the fourth quarter worth $31,000. J.Safra Asset Management Corp purchased a new stake in shares of Elevance Health during the fourth quarter valued at $32,000. Finally, Main Street Group LTD purchased a new stake in shares of Elevance Health during the first quarter valued at $39,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Up 1.1%

Elevance Health stock opened at $400.66 on Friday. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm has a market cap of $86.89 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.30 and a beta of 0.68. The business has a fifty day moving average of $394.76 and a two-hundred day moving average of $359.92. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The business's revenue was up .8% compared to the same quarter last year. During the same period last year, the business posted $8.84 EPS. On average, analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, September 10th. Elevance Health's payout ratio is 30.58%.

Analyst Upgrades and Downgrades

Several research firms recently commented on ELV. Cantor Fitzgerald raised their price target on shares of Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a "hold" rating to a "buy" rating and upped their target price for the stock from $363.00 to $498.00 in a research note on Wednesday, May 20th. Leerink Partners raised their target price on shares of Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Royal Bank Of Canada decreased their price target on shares of Elevance Health from $439.00 to $424.00 and set a "sector perform" rating for the company in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. boosted their price target on Elevance Health from $411.00 to $476.00 and gave the company an "overweight" rating in a report on Monday, June 8th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by company insiders.

Elevance Health Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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